Nakilat Venture Obtains $662 Million Refinancing to Expand Fleet

By Shaji Mathew -
Jul 1, 2013

Qatar Gas Transport Co., the operator
of liquefied natural gas vessels, said its joint venture with
Angelicoussis Shipping Group Ltd. obtained $662.4 million in
refinancing as the company expands its LNG fleet.

Maran Nakilat Co. signed the Islamic refinancing agreement
with Qatar Islamic Bank and Barwa Bank, the company, also known
as Nakilat, said in a statement to the Qatar Exchange today.
Latham & Watkins advised Maran Nakilat, while Allen & Overy
advised Qatar Islamic Bank and Barwa Bank.

The refinancing will help Maran Nakilat, which was set up
in 2005, expand its fleet of LNG carriers to six vessels from
four with their delivery expected in early 2014. Nakilat also
increased its ownership of Maran Nakilat, according to the
statement, which didn’t provide further details.

Qatar has the capacity to produce as much as 77 million
tons a year of LNG, making it the world’s biggest exporter of
the fuel chilled for shipment by sea. Nakilat operates a fleet
of 54 vessels, which are leased on long-term contracts to
QatarGas and RasGas.

Nakilat’s shares have gained 21 percent this year, compared
with a 12 percent gain for the benchmark QE Index. Three
analysts recommend buying the stock, while one has a hold
rating, according to data compiled by Bloomberg.